Cash out option

Jul 26, 2016

How flexible is your homeowners insurance policy?

Imagine your home catches fire in the middle of the night. Your family and pets escape without harm, but your home is completely destroyed. What do you do next? Would you and your family like to have options to consider during this disastrous time? At Nationwide Private Client, we understand the importance of providing you a choice.

Many insurance companies offer some form of home replacement cost coverage. Those that do will generally pay for the cost only when repairs are completed. They will not likely pay you for the full value of your home if you choose to cash out. Most will settle your claim by paying you actual cash value — replacement cost minus depreciation. Nationwide Private Client is one of the few insurance companies that provides a replacement cash out option.

How Nationwide Private Client responds

With a Nationwide Private Client homeowners policy1, these are your choices should you have a covered total loss:

We will pay to repair or replace your home with materials of like kind and quality.

We will pay you to buy or build at another location up to the amount it would cost to repair or replace at your current location.

If you want to cash out, we will pay you up to the limit shown on the declarations of your policy or what it would cost to rebuild at that location, whichever is less.

Contents: We pay the cost to repair or replace your personal property or allow you to cash out depending on your particular situation.2

Additional living expense: If you decide to rebuild, we cover the increase in your normal living expenses necessary to maintain your standard of living for the reasonable amount of time required to restore your home to a habitable condition – with no dollar limit or deductible. If you choose the cash out option on your home, you can still earn additional living expense.3

Why it’s important for you

Unless you are faced with the devastating situation of a total loss to your home, you may not know which option will be right for you and your family. You may not want to stay in the same location and be reminded of the past. The thought of living in temporary housing for the extensive time it takes to rebuild your home may not sound appealing. Or you may simply want a fresh start. We don’t need to know why — we just want to provide you with that flexibility so you can make the right choice for your family.

At Nationwide Private Client, we go above and beyond for our clients. We understand the complex insurance needs of clients with high value homes and have the coverage options and high limits that will protect you better than a general market or direct writer carrier. Talk to your agent about how Nationwide Private Client can help you protect your assets and reputation and provide you with added peace of mind.

Deductible waiver: Your homeowners deductible will be waived for a covered total loss.4 With our protection endorsement, deductibles up to $50,000 are waived for a covered loss over $50,000.4

Financial strength: Nationwide, a Fortune 1005 company, is one of the largest and strongest diversified insurance and financial services organizations in the U.S. and is rated A1 by Moody’s and A+ by both A.M. Best and Standard & Poor’s.6

Charitable giving: At Nationwide, we strongly believe in being good corporate citizens where we work and live. Since 2000, the Nationwide Foundation has committed more than $355 million to charitable organizations across the U.S. Nationwide Private Client continues to demonstrate this core value through its Partners in Giving program, helping to improve numerous lives each year.

Why Nationwide Private Client

Nationwide Private Client is dedicated to helping protect the assets and reputations of our clients. Our highly personalized insurance products, services and concierge style claims handling are thoughtfully designed to meet the distinctive needs of affluent individuals and families. We are committed to providing you a superior experience whenever you need assistance.

1Restrictions apply, see policy for details.2Special limits of liability may apply to certain types of property. Review your policy for details. 3Restrictions apply, see policy for details.4Unless a special deductible applies.5Based on revenue, Fortune (June 2015).6Ratings affirmed 7/21/16 by Moody’s, 7/7/16 by A.M. Best, and 4/22/16 by Standard & Poor’s.